■ The military and civilian ship industry has ushered in a double turning point: the 19-year high growth rate of military ship orders is highly certain, and the civilian ship is gradually warming up at the bottom of the long cycle. Compared with other military industries, the ship equipment industry chain has the deepest integration of military and civilians, and its performance elasticity is large. The ship equipment industry is worthy of attention.
■ Military ships: 1) In the short-term, the naval military reform is approaching the end of the 18th year. The naval equipment orders are expected to usher in compensatory growth in 19 years, and the high growth of orders in the military ship industry chain is highly certain. 2) In the long run, China's ocean-going navy construction has a long way to go, and the demand for shipboard equipment is strong, and it will still be at the peak of construction in the future. About the price of naval equipment: It is expected that the impact of auditing and military price changes will decline. Therefore, there is a great pressure on products with high cost and low price pressure, and the impact on parts and components that are close to market-oriented pricing and competitive is relatively small.

■ Civilian ships: Under the three major trends, the overall performance of the civilian ships is bottom-up, which is conducive to the reversal of the performance of the leading ships. 1) The civil ship market is gradually warming up at the bottom of the long-term cycle, and is currently in the cycle of recovery of shipbuilding cycle; 2) The reform of the supply side of the civilian ship continues to advance, the shipbuilding capacity is accelerated, and the new shipbuilding orders are further concentrated to the superior shipyards; 3) New Shipbuilding prices have gradually risen, the price of superimposed ship steel plates has fallen and the RMB has depreciated, and the profitability of shipyards is expected to increase. On the whole, the profit turning point of the leading shipbuilding enterprises has arrived. About the price of naval equipment: It is expected that the impact of auditing and military price changes will decline. Therefore, there is a great pressure on products with high cost and low price pressure, and the impact on parts and components that are close to market-oriented pricing and competitive is relatively small.

■ Offshore: Due to the large scale of offshore crane orders held by shipyards around the world, the demand for offshore construction market remains sluggish; and the delivery situation of offshore equipment is still grim, and it is a major burden for shipbuilding enterprises. Therefore, when investing in the ship industry standard, it should be considered whether there is a risk of impairment of offshore product assets.
 
■ Ships: 1) Military products: The three major trends of “large-scale, stealth, and informationization” will lead to structural changes in the military ship supporting industry. For ship supporting manufacturers, it is important to pay attention to whether its technical direction and ship informationization (including electrification, intelligent), the development trend of stealth is consistent, and whether there are new product research and development reserves or packaging. 2) Civilian goods: The global ship-to-shipment industry has a clear trend of shifting to China; the domestic ship-to-shipment industry has a “two low problem” with low loading rate of localized equipment and low industrial concentration. It is currently at the bottom of the civilian ship cycle, resulting in smaller scale and competition. The ship-matching manufacturers with poor power are facing elimination, and the concentration of the ship-matching industry is an inevitable trend. According to this idea, the target of military product performance guarantee and the current expansion of the civilian product market can be selected.